The Pump.fun platform recently blocked a hacker linked to a major Bybit heist, who tried to utilize the platform to launch tokens and conceal stolen assets.
Details of the Bybit Incident
One of the largest crypto exchanges, Bybit, suffered a theft where hackers stole over 400,000 Ethereum (ETH), worth approximately $1.5 billion, from one of its cold wallets.
Attempt to Use Pump.fun Platform
The hacker behind the Bybit exploit attempted to use the Pump.fun platform to launch a memecoin dubbed 'QinShihuang (500000)'. The hacker transferred 60 SOL from the initial wallet to a secondary one, then launched the token on Pump.fun to disguise the stolen funds.
Bybit's Security Measures
Despite the hacking incident, Bybit quickly reassured users of the safety of their funds due to their 1:1 reserve system. The exchange continued operations without interruptions, including withdrawals and trading.
The incident highlighted Bybit's resilience and underscored the importance of security measures in the crypto space.
